Bitcoins and eSports Betting: It is Complicated

The rumor bookies can turn lead into gold has spread quite readily across the Internet. It buzzed at dinner tables where nippers bragged about their latest make-believe goodies they have bagged through eSports betting, the word pronounced rather hastily as not to attract unnecessary attention from a parental unit. Then again, eSports betting has been punchline for many a upstanding prosecutor groping their way through the accusation and still uncertain about this whole business with something called skin gambling.

True enough eSports betting has caused the occasional tiff between bookies and courts of laws. All defiance, some bookies have gone even further introducing something called Bitcoins to their offering. Esports bitcoin betting remains, however, a rather isolated phenomenon that nonetheless continues to evolve and spread.

eSports betting in Bitcoins or cash

The rather precarious state of Bitcoins worldwide has rubbed off on bookies insofar as only a handful of our known odds stackers have decided actually committing to the rather ephemeral segment.

Nevertheless, eSports betting in the form of Bitcoins is taking a stand and a few self-professed bastions are holding up against the headwinds. Regulations can be country-specific, as we have discussed in our piece about the United States and the hardship of local punters when it comes to facing stiff regulations and harsh penalties.

Still, contextualizing Bitcoins betting on eSports would help us acquire a better understanding. As you probably remember, punter, the United States is a hardliner when it comes to online gambling to eSports. As bookies are outlawed and most established eSportsbook use software to keep US bettors at bay, Bitcoins may prove an efficient way of circumnavigating local legalese. Not that we advocate it.

In truthfulness, Bitcoins merits lie elsewhere, more specifically the quick, efficient, anonymous and secure transfer they allow. Cash is no less secure method of ploying bets, especially if you stick to our list of recommended bookies.

Our top pick for a trustworthy Bitcoin bookie is Bovada. You should check it out.

Top Bitcoin Betting Bookies

Check out our reviews to find out which of these allow deposits/withdrawals in BTC

A few coins, a few eSports bets

Much of your average Bitcoin enthusiast prefers to mine his or her own business. Quiet folk by nature, they are somewhat of virtuosos with the digital pickaxe. All jesting aside, Bitcoins do offer a little in the way of advantage when it comes to eSports betting. Now, the backdrop first.

Bitcoins are obtained through a process known as mining, hence our quip at the beginning of the paragraph. Miners use special software to solve math problems and upon successful completion they obtain the much-coveted cryptocurrency and adding them to the blockchain. Here is a quick low-down of what the whole process is about.

The ins and outs of Bitcoins

Bitcoin mining explained in this short video

Now, to purchase precious bitcoins that can be later used on eSports betting, you need to visit an exchange. Exchanges are by far the safest way to do this is through an exchange. The role of an exchange is to offer users a secure way of purchasing bitcoins.

Some quick explanation is required here. Since Bitcoins are intangible in nature, there is no need to prove that you have indeed sent a buyer their bitcoin, which leads to the rather unpleasant scenario where the fraudster is claiming their money, hightailing it with your Bitcoins at the same time.

Before you can plunge into the promising world of eSports betting with the help of Bitcoins, you will need to create a wallet. Some exchanges do double as wallets, but on the off chance yours doesn’t, you will have to cobble one together. A list of bitcoins wallets along with their advantages is available here.

Now to business.

The benefits of using Bitcoins in eSports betting

A slew of benefits goes hand in hand with wagering in Bitcoins. According to Cision, a marketing research firm, Bitcoins will allow US bettors more of a leeway when dealing with pesky local regulators. In fact, 60% of all Bitcoins currently in circulation stem from online bookies (eSports and otherwise).

At a glance, the fillip to betting through Bitcoins are a lot to handle but they are all rather nifty:

Withdrawing with Bitcoins

Withdrawing money through Bitcoins only take a few hours as opposed to bookies rigorous screening process which can take up to a few days. Still Bitcoins do not compromise security for the sake expediency.However, bear in mind that if you are using an unregulated venue to exchange wagers, you may fall victim of seedy characters claiming back their Bitcoins.

Payment Tracking

It is easy to keep track of payments as all transactions are available in the public ledger known as blockchain. There is fees when processing payments and the minimum deposit is much lower.However, when betting in Bitcoins on eSports you ought to know that there are no special bonuses as the segment is fairly new

No Restrictions

No entanglements with the law can stem from trading or wagering in Bitcoins as they are outside the jurisdiction of any state, bar China, which has suspended trading in the cryptocurrency.

Bitcoin Transactions

Bitcoins transactions are anonymous. The cryptocurrency is set to addresses, which are strings of letters and numbers, and no additional personal information is disclosed in the process.

All of the above applies for distinguished bookies, but we recommend that you steer clear from hybrid websites, which offer both Bitcoin and money wagers, and are not as well-known. The trouble with hybrid bookies when trying to stay anonymous is that they ask you for personal details to set up an account.

Types of eSports bets with Bitcoins

Well, bets in Bitcoins do not differ much, if at all. In fact, the sensible thing for Bitcoin betting on eSports would be to stick to the most mundane types of bets, as its territories are uncharted and both bookies and punters stand to lose a lot. Then again, pots of winnings are up for grabs. Here is the rundown:

Match Bets

Wagering on the outcome of a match-up or a tournament. A common bet with bookies and punters alike.

Tournament Winner

Trying to tell which team or player will clinch the overall title and drub its opponents to victory.

Handicap Bets

Lowering the odds of the stronger team, so that punters may consider wagering on the underdogs, which has quite often proven to be, well, dogged opponents.

Moneyline Bets

In moneyline bets punters may often be so deep at sea that barnacles would attach to their trousers. However understanding the nature of these bets is quite simple.

A common moneyline bet would look like this:

Fnatic + $120

Na’Vi -$130

In other words, Na’Vi is the clear favorite as indicated by the – in the bet. In order to collect a $100 payout on Na’Vi, you would need to wager $130. However, if you collect $100 on Fnatic, you would claim $120 on the off chance the team is victorious.Still, moneyline bets do not necessarily work with such hefty amounts, and bets can be anything between $5 and $100, or even more.

Live Bets

Things get even sexier when we add live betting on eSports. We have written extensively on the topic. Live betting is both – completely different from what you are used to, whether you bet on eSports in Bitcoin or in hard currency.

Where live betting differs is in the quick pace it demands on the part of punters. You need to watch the game as it unfolds and be wary of the fact that bookies will change their odds as the game progresses.

Luckily, you can opt out of a live bet at any time and claim your winnings prior to a turn of events that would result in stilting the odds in the bookies’ way. Add odds juggling* to the whole thing, and you will need to sport a micro and macro management similar to those of top StarCraft II players.

Over/Under Bets

These bets are used to predict an actual statistics in a game. Those of you familiar with Defense of the Ancients (DOTA) 2 would know that carries would strive for accumulating wealth through scoring the most creep and player kills throughout the game. Knowing more about the team and their respective strategy can be particularly useful for placing such wagers. Remember, some teams would rather rough it until the very late stages of the games, and others would just plunge right into the thick of it trying to best their opponents in the matter of minutes.

Special Bets

Special bets are the types of wagering which appears on occasion and it is supposed to throw you off your game, but it also introduces excitement to the whole business of betting. Now, we know that as punters you hardly shy away from a challenge for it is a great opportunity for you to make a killing. Special bets would include first destroyed tower, first blood, team to win the most rounds, team to make the most kills, but lose the overall match-up. As you can see, these bets may vary significantly.

*Odds juggling is a term we use to refer to one player wagering on a number of bookies simultaneously in order to claim the best prizes.

Twitch TV top trending titles for 2017

All of the above are bets which you can see on normal bookies as well as ones dedicated to Bitcoin betting on eSports. Naturally, bookies will choose their own types of bets and what wagers to run at any one point. However, being familiar with those, as well as the games you are betting on may always come handy. Consider our general article on eSports betting and you are all set to make a bundle.

Normally, you can expect eSports titles to generate higher-than-average interest. Being a prescient punter, though, you will always notice that some titles that have not yet broken into the big scene of electronic sports are determinedly shuffling towards the summits, namely PLAYERUNKNOWN’S BATTLEGROUND.

It is noteworthy that people who play League of Legends, DOTA 2 or CS:GO are generally familiar with all of these titles and/or play at least one more. The same conclusion could be drawn for you punters, but exercise caution when wagering in Bitcoins. Try to stick to one title until you have figured out the basics.

The future of eSports and Bitcoin betting

Of course there are speculations aplenty. Some as Bitcoin Center NYC Policy Associate Naomi Brockwell believes that Bitcoin may break the stuffiness of US regulations towards eSports betting.

Mrs Brockwell is right to plump for a future where Bitcoins and betting in general will be more readily accepted. She made a good point in an interview, arguing that Bitcoins are tantamount to freedom, adding that their elusiveness will contribute to the legalization of online gambling.

eSports are increasingly recognized as sports:

On 4 November 2015, UNIKRN pioneered the first eSports Code of Conduct

The International Olympic Committee (IOC) is considering introducing eSports as an event at the 2024 Paris Olympics.

The Korean Olympic Committee (KOC) accepted eSports as a second level sport on 27 January 2015.

All of the above are the trappings of a sport that is increasingly accepted by the hoi polloi of the non-gaming lot.Would that spell many a good thing for those of us who like to take their chances wagering in Bitcoins on the outcome of eSports? We know that it will, in one form or another. In Bitcoins or whatever the next big thing in finance is.

Would that spell many a good thing for those of us who like to take their chances wagering in Bitcoins on the outcome of eSports? We know that it will, in one form or another. In Bitcoins or whatever the next big thing in finance is.

*DISCLAIMER: The content on eSportsBettingWebsites.com is for informational purposes only. Online betting’s legality and regulation vary across jurisdictions. You are responsible for making sure online wagering is legal in your area. You must be of legal age in order to place bets online.